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  • FIRST POST
    • JSmith321
    • By JSmith321 14th Jun 19, 3:06 PM
    • 23Posts
    • 2Thanks
    JSmith321
    Fund Platform Security and Two Factor Authentication
    • #1
    • 14th Jun 19, 3:06 PM
    Fund Platform Security and Two Factor Authentication 14th Jun 19 at 3:06 PM
    Does anyone know what fund platforms provide 2 factor authentication?
    I'm concerned that the platform I use Hargreaves Lansdown does not use this.
    Some banks have adopted this standard though I'm surprised the FCA does not set minimum standards of security for financial institutions. With so much fraud on the internet and being forced to use the increasingly untrust-worthy internet/mobile network to carry out transactions. The all say their systems are secure but I would like the option to use maximum security. Even Amazon lets me set up 2 factor authentication.
    It would be useful for MSE to create a table of banks and financial institutions showing the type of security with a star rating by an independent cyber security expert.

    Ref:
    https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/719067/25062018_Minimum_Cyber_Security_Standard_gov.uk__3 _.pdf

    The government mention this:
    b) Multi-factor authentication shall be used where technically possible, such as where administrative consoles provide access to manage cloud based infrastructure, platforms or services. Multi-factor authentication shall be used for access to enterprise level social media accounts.

    Just found this excellent site, compares the security of institutions
    https://twofactorauth.org/#finance

    Ref: https://twofactorauth.org/
    Last edited by JSmith321; 14-06-2019 at 3:15 PM. Reason: Update
Page 1
    • Herbalus
    • By Herbalus 14th Jun 19, 4:15 PM
    • 2,373 Posts
    • 2,082 Thanks
    Herbalus
    • #2
    • 14th Jun 19, 4:15 PM
    • #2
    • 14th Jun 19, 4:15 PM
    Whilst HL doesn't have 2 factor authentication currently, you can only withdraw funds to your nominated account. Changes to your nominated account require you to enter a PIN code that they send to you in the post. So there is some additional checks for the important stuff.

    https://www.hl.co.uk/faqs/contact-us/how-can-i-withdraw-money-from-the-account

    Unless you're worried the fraudsters will be content to just buy and sell all your investments with random choices just for fun?
    • eskbanker
    • By eskbanker 14th Jun 19, 5:37 PM
    • 11,373 Posts
    • 14,098 Thanks
    eskbanker
    • #3
    • 14th Jun 19, 5:37 PM
    • #3
    • 14th Jun 19, 5:37 PM
    Does anyone know what fund platforms provide 2 factor authentication?
    I'm concerned that the platform I use Hargreaves Lansdown does not use this.
    Some banks have adopted this standard though I'm surprised the FCA does not set minimum standards of security for financial institutions.
    Originally posted by JSmith321
    The FCA has mandated the use of 2FA (with associated technical standards) for payment service providers as part of the Strong Customer Authentication component of the EU Payment Services Directive 2 (PSD2), so as from September, all banks will be using it for authenticating online transactions, which is why some are already making visible progress.

    https://www.fca.org.uk/publications/policy-statements/ps18-24-approach-final-regulatory-technical-standards-and-eba-guidelines-under-revised-payment

    Just found this excellent site, compares the security of institutions
    https://twofactorauth.org/#finance
    Originally posted by JSmith321
    Each to their own, but that seems like a pretty random hotch-potch of institutions to me! HL are indeed on there, but none of their main competitors in the UK platform market, so for anyone wanting to compare security between similar companies, they're unlikely to find that page of much use IMHO....
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